Look! Musicians Received Just 12% Of Music Industry Profits In 2017

In 2017 the music industry has profits that reportedly climbed by nearly $1.5 billion USD. However, today the word comes down that recording artists only received 12% of total profits, with the “bulk” of the money earned from tours. Citigroup estimates nearly $43 billion USD generated last year in the music industry, while labels, publishers and other business entities took home almost $10 billion USD, with around $5.1 billion USD going to the artists.

According to Bjorn Niclas, co-founder of a cryptocurrency-based music streaming service Choon stated: “Artists get the smallest piece of the pie even though they are the ones creating the content. In any other industry, you typically see much better returns and margins.” Recently Variety reported that Warner Music Group had sold its entire stake in Spotify. CEO Steve Cooper said that the sale resulted in $126 million “credited to artist accounts on their June 30 royalty statements which are issued around the world in August and September.”

Interesting news, but what are your thoughts? Speak your mind below and stay tuned for much more on this coming very soon.